NEO in expected Bearish trend before Bullish breakout?
It seems as like all other AltCoins, NEO (Previously Antshares) is on the same path/pattern, where the initial high was reached and a bearish trend and pattern is forming, before a Bullish breakout.
My Elliott wave count suggests corrective moves in Bearish trend are still in progress to complete the formation of a Wave C pattern.
Once corrective moves have completed, we could expect a relatively strong push upwards (Bullish) once a breakout of trendline/pattern/structure occurs.
TDI shows RSI line in the 40.0000 zone, whilst RSI line is just below the MidBand and most likely will continue in a downwards push before hitting the oversold zone.
The Mustard EMA has crossed the Mayo EMA with Ketchup about to cross, which signals another downwards move. In my opinion, the price action will likely pin the Blueberry EMA which should be right at the lower trendline support area, before a reversal in trend. Once breakout of structure occurs, we can expect an Impulse move LONG to the upside for continued growth.
In my opinion, the time to purchase NEO is still early and I will wait until structure is broken for an Impulse wave before I start purchasing this Altcoin in greater quantities.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
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My Elliott wave count suggests corrective moves in Bearish trend are still in progress to complete the formation of a Wave C pattern.
Once corrective moves have completed, we could expect a relatively strong push upwards (Bullish) once a breakout of trendline/pattern/structure occurs.
TDI shows RSI line in the 40.0000 zone, whilst RSI line is just below the MidBand and most likely will continue in a downwards push before hitting the oversold zone.
The Mustard EMA has crossed the Mayo EMA with Ketchup about to cross, which signals another downwards move. In my opinion, the price action will likely pin the Blueberry EMA which should be right at the lower trendline support area, before a reversal in trend. Once breakout of structure occurs, we can expect an Impulse move LONG to the upside for continued growth.
In my opinion, the time to purchase NEO is still early and I will wait until structure is broken for an Impulse wave before I start purchasing this Altcoin in greater quantities.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
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